2 years ago
Twitter’s shareholders person overwhelmingly voted for Tesla CEO Elon Musk to instrumentality implicit the societal media platform. “Approximately 98.6% of the votes formed astatine the peculiar gathering approved the connection to follow the merger agreement,” the societal media elephantine said.
Shareholders Want Elon Musk to Take Over Twitter
Twitter Inc. (NYSE: TWTR) announced Tuesday that its stockholders person approved the antecedently announced $44 cardinal statement for Tesla CEO Elon Musk to get the societal media platform.
“Based connected a preliminary tabulation of the stockholder vote,” the announcement reads:
Approximately 98.6% of the votes formed astatine the peculiar gathering approved the connection to follow the merger agreement.
“The shareholder support satisfies the last information precedent to the closing of the merger nether the merger statement (other than those conditions that by their quality are to beryllium satisfied astatine closing),” Twitter explained, elaborating:
Twitter stands acceptable and consenting to implicit the merger with affiliates of Mr. Musk immediately, and successful immoderate event, nary aboriginal than connected September 15, 2022.
Musk offered to bargain Twitter for astir $44 cardinal successful April. However, helium subsequently accused the societal media institution of a “material breach” of their statement successful June. The Twitter woody is “temporarily connected clasp pending details supporting calculation that spam/fake accounts bash so correspond little than 5% of users,” Musk said astatine the time.
The Tesla CEO officially terminated his connection to bargain Twitter successful aboriginal July. The societal media institution filed a lawsuit a fewer days aboriginal successful the Delaware Court of Chancery to compel Musk to implicit the acquisition. Musk countersued Twitter.
At the extremity of August, Musk outlined new reasons to locomotion distant from the woody with Twitter, citing a whistleblower report. The societal media institution has insisted that Musk’s termination of the buyout statement “is invalid and without merit.”
Meanwhile, the U.S. Securities and Exchange Commission (SEC) has probed Twitter regarding its spam accounts. In aboriginal August, Musk challenged Twitter CEO Parag Agrawal to a nationalist statement astir fake accounts and spam bots.
Musk precocious sold 7,924,107 shares of Tesla. “In the (hopefully unlikely) lawsuit that Twitter forces this woody to adjacent and immoderate equity partners don’t travel through, it is important to debar an exigency merchantability of Tesla stock,” the billionaire explained.
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